Chinese Yuan Makes First Gain in 10 Days Over Firmer Midpoint Fixing by PBOC

The Chinese yuan edged higher early on Wednesday, making the first gain in 10 days, over a firmer fixing of its midpoint by the PBOC.

USD/CNH

The Chinese yuan edged higher early on Wednesday, making the first gain in 10 days, over a firmer fixing of its midpoint by the PBOC. At the time of writing, USD/CNH is trading at around 7.163.

Since early August, the yuan has lost 3.6% of its value against the US dollar as a result of escalating trade tensions between the US and China. Earlier today, China’s central bank brought the official midpoint of the yuan lower to 7.0835, to the weakest level in over 11 years.

The latest official guidance rate came in stronger than market expectations, which was estimated at 7.1027 against the US dollar. A firmer than expected midpoint fixing has helped the yuan regain some lost ground in today’s trading.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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